Short Sale Reality Television (Investing)
I had an idea this morning that I think will be a great thing for everyone doing short sales. I'm a big fan of reality TV especially shows like The Apprentice and don't laugh...America's Next Top Model (My wife has me hooked). I think they are both fun and informative. So I thought, why not do the same with real estate investing. I want to take everyone step-by-step through my short sale process. I have an appointment this morning with a homeowner who I plan on doing a short sale with. I've checked out the numbers, now it's just a matter of me going through the process and closing the deal. Everyone will learn from my experiences and I'm sure at times we will all be entertained. I'm hoping that I will not be on the air for more than 3 weeks (the total amount of time that it will take me to get an acceptance). I will post my progress minute by minute when possible and hopefully get some advice along the way as well. Stay Tuned!! I just like to have fun, who said real estate investing has to be a drag?
I think that sounds GREAT. I would be so interested in a play by play on short sales. Heck, I think i would even pay for it.
Also how did you "check out the numbers" What do actually look for?
I have several real estate agents that I workd with that run the comps. What I look for is the amount and price of homes sold in the neighborhood over the last 180 days (The lender usually won't consider comps after 180 days) and how long they have been on the market. I also find out what the true payoff of the mortgage is. I look at the other properties that are currently listed and also expired listings to help me come justify my discounted payoff offer.